Bitcoin Hits Record-Breaking $72,000 in Unstoppable Rally

"Bitcoin's recent surge to over $72,000 marks a significant milestone, driven by a six-day winning streak and a nearly 70% year-to-date gain. The rally is attributed to substantial inflows into US exchange-traded funds (ETFs), totaling almost $10 billion in the past two months. The positive momentum is further fueled by upcoming events like the quadrennial "halving" scheduled for April, reducing Bitcoin's supply growth by half. Technical indicators reveal growing interest from both institutional and retail investors, emphasizing the cryptocurrency's expanding influence in financial markets."


Worldsfeed Tech Desk: Bitcoin has surged to a historic high, surpassing $72,000 for the first time, extending its winning streak for the sixth consecutive day. The cryptocurrency has seen a nearly 70% increase in value this year, driven by significant inflows into US exchange-traded funds (ETFs).

Richard Galvin, the founder of the Australia-based crypto-focused investment firm DACM, noted that the rally followed a weak Asian trading session, where short positions tested the resolve of long-term investors. The response from long-term investors has been notably positive.

Investors have injected close to $10 billion into newly launched Bitcoin ETFs in the US over the past two months, sparking a widespread surge in crypto markets. On another positive note, the London Stock Exchange confirmed its acceptance of applications for Bitcoin and Ether exchange-traded notes, while Thailand’s securities regulator allowed retail investors to purchase overseas crypto ETFs.
The success of the Bitcoin ETFs is part of a series of optimistic signals for crypto assets. A highly anticipated event is the upcoming quadrennial “halving” scheduled for April, which will halve Bitcoin’s supply growth.

Various technical indicators suggest a growing interest from both institutional and retail investors. Open interest in Chicago-based CME Group’s Bitcoin futures market has surged by 44% from this year’s low. Additionally, the rebound in the funding rate indicates an increasing willingness among traders to pay a premium for opening leveraged long positions in Bitcoin.

MicroStrategy Inc., a software firm that has integrated Bitcoin into its corporate strategy, disclosed a $822 million expenditure on purchasing more tokens between February 26 and March 10.


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